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Global economy has no substitute for falling dollar

Let's see. The Chinese are cross because the falling dollar means the stacks of American IOUs they have in their vaults will be paid back in a devalued currency. The Americans are cross because the Chinese refuse to allow the renminbi to rise in value and this means goods made in Chinese factories will continue to displace made-in-America products, and provide jobs for Chinese rather than American workers. The Europeans are cross because the strong euro aborts the export growth on which they are depending to fuel their economic recovery. The British are cross because the weak pound makes it expensive to buy anything abroad, and suggests that a spurt of inflation is just around the corner. In short, everyone seems to be terribly unhappy with developments in the currency markets.

Well, not terribly. The Chinese might be unhappy that the dollar is declining in value, but are delighted that